Deep-pocketed investors have adopted a bearish approach towards Carvana CVNA, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CVNA usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 20 extraordinary options activities for Carvana. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 35% leaning bullish and 50% bearish. Among these notable options, 8 are puts, totaling $482,442, and 12 are calls, amounting to $1,407,477.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $60.0 and $130.0 for Carvana, spanning the last three months.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for Carvana options trades today is 1710.22 with a total volume of 2,491.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Carvana's big money trades within a strike price range of $60.0 to $130.0 over the last 30 days.
Carvana Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVNA | CALL | SWEEP | BEARISH | 05/03/24 | $18.0 | $18.0 | $18.0 | $65.00 | $905.4K | 2.9K | 1.0K |
| CVNA | PUT | TRADE | NEUTRAL | 08/16/24 | $9.45 | $9.3 | $9.37 | $70.00 | $103.0K | 2.4K | 111 |
| CVNA | CALL | SWEEP | BEARISH | 05/17/24 | $7.4 | $7.25 | $7.25 | $85.00 | $84.8K | 4.3K | 184 |
| CVNA | CALL | TRADE | BEARISH | 08/16/24 | $15.75 | $15.6 | $15.6 | $85.00 | $78.0K | 1.2K | 4 |
| CVNA | PUT | TRADE | BEARISH | 05/03/24 | $7.65 | $7.0 | $7.42 | $84.00 | $74.2K | 475 | 0 |
About Carvana
Carvana Co is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues. The other sales and revenues include sales of loans originated and sold in securitization transactions or to financing partners, commissions received on VSCs and sales of GAP waiver coverage. The foundation of the business is retail vehicle unit sales. This drives the majority of the revenue and allows the company to capture additional revenue streams associated with financing, VSCs, auto insurance and GAP waiver coverage, as well as trade-in vehicles.
Having examined the options trading patterns of Carvana, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of Carvana
- Trading volume stands at 957,023, with CVNA's price down by -3.3%, positioned at $81.0.
- RSI indicators show the stock to be is currently neutral between overbought and oversold.
- Earnings announcement expected in 1 days.
What Analysts Are Saying About Carvana
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $75.0.
- Consistent in their evaluation, an analyst from TD Cowen keeps a Hold rating on Carvana with a target price of $70.
- An analyst from JP Morgan persists with their Neutral rating on Carvana, maintaining a target price of $70.
- Maintaining their stance, an analyst from Evercore ISI Group continues to hold a In-Line rating for Carvana, targeting a price of $77.
- Reflecting concerns, an analyst from JMP Securities lowers its rating to Market Outperform with a new price target of $80.
- An analyst from Evercore ISI Group has decided to maintain their In-Line rating on Carvana, which currently sits at a price target of $78.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Carvana options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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